Contracts
In NH, a 'lease with option to purchase' gives the tenant-buyer:
AAn obligation to purchase the property at the end of the lease
BThe right to purchase the property at a predetermined price at or before a specified time, in exchange for an option consideration✓ Correct
CA right of first refusal that can only be exercised during the last 30 days of the lease
DEquitable title to the property from the first day of the lease
Explanation
A lease with option to purchase combines a lease (right to occupy) with an option to purchase (right but not obligation to buy) at a preset price before a specified date. The option consideration (often included in or added to rent) is typically non-refundable but may apply toward the purchase price if the option is exercised.
Related New Hampshire Contracts Questions
- New Hampshire uses a 'Purchase and Sale Agreement' as the primary real estate contract. For it to be valid, consideration must be:
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- In New Hampshire, an offer to purchase becomes a binding contract when:
- In New Hampshire, an option contract gives the optionee (buyer) the right to:
- Which of the following would make a New Hampshire real estate contract voidable?
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- In a New Hampshire real estate listing agreement, the 'protection period' clause protects the broker by:
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